Dave Inc (DAVE) 2025 Q1 法說會逐字稿

Good morning everyone and thank you for participating in today's conference call to discuss Dave's financial results for the first quarter ended March 31, 2025. Joining us today are Dave's CEO, Mr. Jason Wilk, and the company's CFO, Mr. Kyle Beilman. By now everyone should have access to the first quarter, 2025 earnings press release, which was issued this morning.

大家早安，感謝您參加今天的電話會議，討論戴夫截至 2025 年 3 月 31 日第一季的財務業績。今天與我們一起出席的有 Dave 的執行長 Jason Wilk 先生和公司的財務長 Kyle Beilman 先生。現在每個人都應該可以看到今天早上發布的 2025 年第一季財報新聞稿。

The release is available in the investors relations section of Dave's website at investors.dave.com. In addition, this call will be available for webcast replay on the company's website. Following management remarks will open the call to answer your questions. Search and comments made during this conference call and webcast are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995.

新聞稿可在 Dave 網站 investors.dave.com 的投資者關係部分查閱。此外，本次電話會議將在公司網站上進行網路直播重播。接下來管理層將發表講話來回答您的問題。根據 1995 年《私人證券訴訟改革法案》，本次電話會議和網路廣播期間的搜尋和評論被視為前瞻性陳述。

These forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that could cause actual results to differ materially from those reflected in these forward-looking statements. These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC.

這些前瞻性陳述受某些已知和未知的風險和不確定性以及可能導致實際結果與這些前瞻性陳述所反映的結果有重大差異的假設的影響。這些前瞻性陳述也受到公司向美國證券交易委員會提交的文件中不時描述的其他風險和不確定性的影響。

Do not place undue reliance on any forward-looking statements which are made only as of the date of this call except as required by law, the company undertakes no obligation to revise or update any forward-looking statements.

請勿過度依賴截至本次電話會議之日所做的任何前瞻性陳述，除非法律要求，否則本公司不承擔修改或更新任何前瞻性陳述的義務。

The company's presentation also includes certain non-gap financial measures including adjusted EBITDA, adjusted net income, non-gap variable profit, non-gap variable margin, and compensation expense excluding stock-based compensation as supplemental measures of performance of our business.

本公司的報表還包括某些非差距財務指標，包括調整後的 EBITDA、調整後的淨收入、非差距可變利潤、非差距可變利潤率以及不包括股票薪酬的薪酬費用，作為我們業務績效的補充指標。

All non-GAAP measures have been reconciled to the most directly comparable GAAP measures in accordance with SEC rules. You'll find reconciliation tables and other important information in the earnings press release and Form 8k furnished by to the SEC. I would now like to turn the call over to Dave's CEO, Mr. Jason Wilk. Please go ahead.

所有非公認會計準則 (non-GAAP) 指標已根據美國證券交易委員會 (SEC) 規則與最直接可比較的公認會計準則 (GAAP) 指標進行協調。您可以在向美國證券交易委員會 (SEC) 提供的收益新聞稿和 8k 表中找到對帳表和其他重要資訊。現在我想將電話轉給 Dave 的執行長 Jason Wilk 先生。請繼續。

Thank you and good morning everyone. Building on the success of last year's results, we are pleased to report another record setting first quarter which outperformed expectations across key areas of our business topline growth accelerated on a year over year basis to its highest level since 2021, thanks in large part to the strong double-digit gains in ARU and monthly transacting numbers.

謝謝大家，早安。在去年業績成功的基礎上，我們很高興地報告第一季再次創下紀錄，我們業務的關鍵領域表現超出預期，營收成長同比增長至 2021 年以來的最高水平，這在很大程度上要歸功於 ARU 和月度交易數量的強勁兩位數增長。

Adjusted EBITDA to growth, accelerated 235% to 44.2 million, representing a year-to-year increase of $31 million which is the largest dollar increase in our company's history. This increase is mostly due to the operating levers we continue to achieve on our fixed cost base, as well as the variable margin expansion we continue to generate from cash AI credit performance improvements.

調整後的 EBITDA 成長 235% 至 4,420 萬美元，年增 3,100 萬美元，這是我們公司歷史上最大的美元增幅。這一成長主要歸功於我們在固定成本基礎上繼續實現的經營槓桿，以及我們繼續從現金 AI 信貸績效改進中產生的可變保證金擴大。

Given our results and the momentum, we have in our business, we are raising our full year 2025 guidance for both revenue and adjusted EBITDA. This is the seventh consecutive quarter we have either raised or exceeded our guidance. Before turning to our strategic growth pillars, I want to provide an update on our recent transition to the new fee structure for extra cash.

鑑於我們的業績和業務發展勢頭，我們提高了 2025 年全年營收和調整後 EBITDA 的預期。這是我們連續第七個季度提高或超越我們的預期。在談到我們的策略成長支柱之前，我想先介紹一下我們最近向新的額外現金收費結構過渡的情況。

As a reminder, on February 19th, we fully transitioned to a new fee structure consisting of a flat 5% fee on all extra cash transactions with a $5 minimum and a $15 cap, removing optional tips as well as additional transfer fees to day checking.

提醒一下，2 月 19 日，我們全面過渡到新的費用結構，包括對所有額外現金交易收取 5% 的固定費用，最低 5 美元，上限 15 美元，取消可選小費以及當日支票的額外轉賬費用。

Consistent with the testing we performed at the end of last year and into early this year, results have been better than expected. With this change, we've unlocked enhanced member lifetime value through improvements in conversion, retention, and monetization among new and existing members.

與我們去年年底和今年年初進行的測試一致，結果比預期的要好。透過這項改變，我們透過提高新舊會員的轉換率、保留率和貨幣化程度，釋放了增強的會員終身價值。

Approximately 60% of total originations were on the new fee model in Q1, so we will receive the full benefit of the change in Q2 onwards. Turning now to our three strategic growth pillars, efficient member acquisition, enhanced member engagement through extra cash, and deepening relationships via the Dave card.

第一季度，約有 60% 的總發起量採用了新的費用模式，因此從第二季度開始，我們將充分享受這項變革的好處。現在談談我們的三大策略成長支柱：高效的會員獲取、透過額外現金增強會員參與度以及透過戴夫卡深化關係。

Starting with our first strategic growth pillar of efficient member acquisition, we continued to efficiently acquire members of scale, reflecting the power of our credit first value proposition and its synergies with our banking product suite. In Q1, total members grew 15% year over year, ending the first quarter at $12.4 million members.

從我們的第一個策略成長支柱——高效會員獲取開始，我們繼續有效率地獲取規模會員，這反映了我們信用優先價值主張的力量及其與我們的銀行產品套件的協同作用。第一季度，會員總數年增 15%，第一季末會員總數達到 1,240 萬。

CAC in the first quarter increased 13% year over year as a result of strategic refinements in our marketing approach. We are increasingly optimizing our marketing investments by device, platform, and channel, prioritizing investments that yield the highest projected variable profit dollar returns rather than the lowest cap.

由於我們行銷方法的策略改進，第一季的 CAC 同比增長了 13%。我們正在透過設備、平台和管道不斷優化我們的行銷投資，優先考慮那些能產生最高預期可變利潤美元回報的投資，而不是最低上限的投資。

This recalibration is also closely tied to the higher member lifetime value we are observing following the transition to our new the model. Based on these factors, the return on our on-marketing investments is expected to outpace that of prior periods. Importantly, our outlook for new number growth remains strong, and we expect to continue to achieve strong LTV to cap returns at scale moving forward.

這種重新校準也與我們在過渡到新模型後觀察到的更高的會員終身價值密切相關。基於這些因素，我們預期行銷投資的回報將超過前期。重要的是，我們對新數量成長的前景依然強勁，我們預計將繼續實現強勁的 LTV，以限制未來規模的回報。

Our second strategic pillar centers around continuing to strengthen engagement with our members through credit. Extra cash remains the key entry point for building long-term relationships with our members by addressing what is typically their primary need short-term liquidity for gas, groceries, and bills.

我們的第二個策略支柱是繼續透過信貸加強與會員的聯繫。額外的現金仍然是與我們的會員建立長期關係的關鍵切入點，透過解決他們通常的主要需求——汽油、食品雜貨和帳單的短期流動性。

Our multi-transacting member base continues to grow with MTMs up 13% year over year and 3% sequentially to a record $2.5 million. This growth was favorably impacted by higher new member conversion and dormant member reactivation in addition to continued strength and member retention.

我們的多筆交易會員基礎持續成長，MTM 年成長 13%，季增 3%，達到創紀錄的 250 萬美元。除了持續的實力和會員保留率之外，更高的新會員轉換率和休眠會員的重新激活也對這一增長產生了積極影響。

We saw strong engagement with extra cash originations exceeding $1.5 billion, representing an increase of 46% year over year and 3% sequentially. We believe that sustained growth, particularly during a seasonally softer quarter, is a testament to the effectiveness of our cash AI underwriting engine and new fee model, both of which allow us to more profitably underwrite larger numbers of the members for higher extra cash approval amounts.

我們看到了強勁的參與度，額外現金發放超過 15 億美元，較去年同期成長 46%，較上季成長 3%。我們相信，持續的成長，特別是在季節性較弱的季度，證明了我們的現金 AI 承保引擎和新收費模式的有效性，這兩者都使我們能夠更有利可圖地承保更多會員，以獲得更高的額外現金批准金額。

The average size of an extra cash origination in Q1 expanded 21% year over year to 192. In March, which was the first full month operating under our new model, the average extra cash size was just over $200 which we believe bodes well for origination volumes and corresponding monetization in Q2 and going forward.

第一季額外現金發放的平均規模年增 21%，達到 192 筆。3 月是我們新模式下營運的第一個整月，平均額外現金規模略高於 200 美元，我們認為這對於第二季及未來的業務發起量和相應的貨幣化來說是一個好兆頭。

Turning to credit performance, our 28-day delinquency rate improved 33 basis points, or 18% year over year to 1.5%, over which time extra cash originations expanded 46%, as I mentioned. We believe this performance underscores the continued strength and scalability of our proprietary cache AI underwriting engine and the inherent advantages of our extra cash product structure.

談到信貸表現，我們的 28 天拖欠率改善了 33 個基點，即同比上升 18%，達到 1.5%，在此期間額外現金發放量增加了 46%，正如我所提到的。我們相信，這一表現凸顯了我們專有的緩存 AI 承保引擎的持續實力和可擴展性，以及我們的額外現金產品結構的固有優勢。

Extra cash's short duration has allowed us to originate over $136 million transactions since inception, enabling continuous and dynamic credit risk evaluation. We believe the product's primary use cases covering essential needs such as gas, groceries, and rent further enhance its resiliency across macroeconomic cycles.

Extra cash 的短期限使我們自成立以來就發起了超過 1.36 億美元的交易，從而實現了持續和動態的信用風險評估。我們相信，該產品的主要用途涵蓋汽油、食品雜貨和租金等基本需求，進一步增強了其在宏觀經濟週期中的彈性。

Cash AI enables near real-time identification of credit risks through fully automated analysis of bank account transaction data. Combined with extra cash as short repayment cycle, this creates a rapid feedback loop for optimizing underwriting.

Cash AI 透過對銀行帳戶交易資料的全自動分析，實現近乎即時的信用風險識別。結合額外現金和較短的還款週期，這將形成一個快速的反饋循環，以優化承保。

This agile framework gives us strong confidence in our ability to manage credit risk across a range of economic scenarios. In uncertain macro environments such as those influenced by tariffs or economic shocks, we believe most lenders need to tighten credit due to the slower feedback loop and lack of transaction level insights inherent in traditional loan products.

這個靈活的框架使我們對自己在各種經濟情境下管理信用風險的能力充滿信心。在受關稅或經濟衝擊等不確定的宏觀環境下，我們認為大多數貸款人需要收緊信貸，因為傳統貸款產品的回饋循環較慢，且缺乏交易層面的洞察力。

In contrast, our short cycle model and real-time risk identification enables us to adapt underwriting dynamically, a structural advantage that could provide a tailwind for Dave in a stressed macro when there are fewer credit alternatives for consumers in the market.

相較之下，我們的短週期模型和即時風險識別使我們能夠動態地調整承保，當市場上消費者的信貸選擇較少時，這種結構性優勢可以為戴夫在緊張的宏觀環境中提供順風。

As we previously highlighted, tax refund season is typically the strongest period of credit performance as a result of the additional liquidity tax refunds provide to our members. As such, we expect our 28 day delinquency rate to normalize throughout the rest of the year.

正如我們之前強調的那樣，退稅季節通常是信貸表現最強勁的時期，因為退稅為我們的會員提供了額外的流動性。因此，我們預計今年剩餘時間內 28 天拖欠率將恢復正常。

CashAI is a sophisticated tool that allows us to manage delinquency and loss rates with considerable precision and optimize credit performance in order to maximize variable profit dollars. The third and final pillar of our growth strategy focuses on deepening member relationships by enhancing engagement with Dave card. Our strategy leverages the power of our market leading extra cash offering to build deeper long-term banking relationships with our members.

CashAI 是一種複雜的工具，它使我們能夠相當精確地管理拖欠率和損失率，並優化信貸績效，以最大化可變利潤。我們的成長策略的第三大支柱也是最後一大支柱是透過加強與 Dave 卡的互動來深化會員關係。我們的策略利用我們市場領先的額外現金提供的力量與我們的會員建立更深的長期銀行關係。

Dave card spending increased to a record $488 million, up 24% year over year and 7% sequentially. This growth was primarily driven by the growth in MTMs as well as the seasonal spending supported provided by tax refunds.

Dave 卡消費額增至創紀錄的 4.88 億美元，年增 24%，季增 7%。這一增長主要得益於 MTM 的增長以及退稅支持的季節性支出。

Between the growing usage of the Dave card and the continued momentum we are seeing in extra cash, we expanded ARPUO by 29% year over year. This is our seventh consecutive quarter of double digit ARPUO expansion on a year over year basis and the fastest pace of growth since early 2022.

由於 Dave 卡的使用量不斷增長以及額外現金的持續增長勢頭，我們的 ARPUO 同比增長了 29%。這是我們連續第七個季度實現 ARPUO 年成長兩位數，也是自 2022 年初以來最快的成長速度。

Much of this improvement in Q1 is attributable to the higher average revenue per origination, which came in at approximately $11.40 up 26% year to year and 12% sequentially, due largely to the impact from our new fee model driving higher extra cash approval limits.

第一季的這項改善很大程度上歸功於每筆發起的平均收入增加，平均每筆收入約為 11.40 美元，年增 26%，環比增長 12%，這主要得益於我們新的收費模式推動了額外現金審批限額的提高。

In March, which is the first full month operating under our new the model, average revenue per origination was over $13 which we believe bodes well for monetization in Q2 and beyond. Switching gears a bit, I'd like to provide an update on our strategic partnership with Coastal Community Bank, which will take over support of Dave's extra cash and banking products from our current partner.

3 月是我們新模式下營運的第一個完整月份，平均每筆交易收入超過 13 美元，我們相信這預示著第二季度及以後的貨幣化進程將順利進行。稍微轉換一下話題，我想提供我們與 Coastal Community Bank 的戰略合作夥伴關係的最新情況，該銀行將從我們目前的合作夥伴手中接管對 Dave 的額外現金和銀行產品的支持。

We've been busy planning the transition process and expect to begin onboarding new customers to the coastal platform in early Q3 with existing customers beginning to transition later this year. We believe coastal scale experience and strong compliance and risk managing capabilities will best serve our members and our business as we continue to deliver on our growth and profitability objectives.

我們一直在忙於規劃過渡過程，預計在第三季初開始讓新客戶加入沿海平台，現有客戶也將在今年稍後開始過渡。我們相信，隨著我們繼續實現成長和獲利目標，沿海規模的經驗和強大的合規和風險管理能力將最好地服務於我們的會員和我們的業務。

The partnership is expected to also strengthen Dave's ability to launch new next generation products aligned with our mission of leveling the playing field for everyday Americans. Before turning the call to Kyle, I want to briefly touch on the litigation with the Department of Justice. As we discussed at our last earnings call on February 28, we filed our motion to dismiss the lawsuit, outlining what we believe to be the technical deficiencies in the DOJ's amended complaint.

預計此次合作也將增強戴夫推出新一代產品的能力，這符合我們為一般美國人提供公平競爭環境的使命。在將電話轉給凱爾之前，我想簡單談談與司法部的訴訟。正如我們在 2 月 28 日的上次收益電話會議上所討論的那樣，我們提出了駁回訴訟的動議，概述了我們認為司法部修改後的投訴中存在的技術缺陷。

We now expect a ruling on this motion in Q3 of this year. We remain confident in our legal position and are prepared to vigorously defend ourselves throughout the legal process. Going forward, we remain well positioned to execute against our strategic initiatives that we believe will unlock the full earnings potential of our business model.

我們預計該動議將在今年第三季作出裁決。我們對我們的法律地位充滿信心，並準備好在整個法律程序中積極捍衛自己。展望未來，我們仍處於有利地位，可以執行我們的策略性舉措，我們相信這些舉措將釋放我們商業模式的全部獲利潛力。

Q1 represented another step function change in our profitable growth trajectory attributed to solid performance across the business and amplified by the early success of our new fee structure. I want to thank our team for their tireless dedication to delivering outstanding value for our members and shareholders. With that, I'll now turn the call over to Kyle to discuss our detailed financial results. Kyle.

第一季代表了我們的獲利成長軌蹟的另一個階躍變化，這歸功於整個業務的穩健表現，並因我們新費用結構的早期成功而得到放大。我要感謝我們的團隊不懈地致力於為我們的會員和股東提供卓越的價值。說完這些，我現在將電話轉給凱爾，討論我們的詳細財務結果。凱爾。

Thank you and good morning everyone. Building on the momentum from last year, our first quarter results set new records across nearly all key operating and financial metrics, further underscoring the strength and scalability of our business model. We continue to demonstrate substantial operating leverage by accelerating revenue growth through increased RPO and transacting member growth while maintaining discipline cost control.

謝謝大家，早安。基於去年的良好勢頭，我們第一季的業績在幾乎所有關鍵營運和財務指標上都創下了新紀錄，進一步凸顯了我們商業模式的優勢和可擴展性。我們透過增加 RPO 和交易會員成長來加速收入成長，同時保持嚴格的成本控制，從而繼續展示巨大的營運槓桿。

In Q1, total revenue reached a record high 108 million, representing year over year growth of 47%. This was driven by a 13% increase in MTMs and a 29% lift in R2, reflecting increased member engagement and stronger monetization.

第一季度，總營收達到創紀錄的1.08億，年增47%。這是由於 MTM 增長了 13% 以及 R2 增長了 29%，反映出會員參與度提高以及貨幣化程度增強。

During the first quarter, non-GAAP variable profit grew 67% year over year to 83.4 million, with variable margin reaching 77%, up nearly 950 basis points year over year. This improvement was primarily driven by reduced provision expense as a percentage of revenue, reflecting significant credit performance improvements delivered by cash AI.

第一季度，非美國通用會計準則可變利潤年增67%至8,340萬美元，可變利潤率達77%，較去年同期成長近950個基點。這項改善主要得益於撥備支出佔收入的百分比下降，反映了現金人工智慧帶來的信貸績效顯著改善。

Ongoing optimization of payment processing costs and renegotiations of key vendor contracts contributed as well. Looking ahead, we anticipate credit performance will normalize following the seasonally strong 1st quarter, with variable margins expected to be in the upper 60s to low 70s range for the remainder of the year.

持續優化支付處理成本和重新談判主要供應商合約也起到了一定作用。展望未來，我們預計信貸表現將在第一季季節性強勁表現之後恢復正常，預計今年剩餘時間內浮動利潤率將在 60% 以上至 70% 以下的範圍內。

Now turning to operating expenses, our provision for credit losses increased by 7% year over year to 10.6 million, primarily due to increased origination volumes Which rose by 46%, partially offset by continued enhancements in credit risk management.

現在談到營運費用，我們的信貸損失準備金年增 7%，達到 1,060 萬美元，這主要是由於發起量增加（增長了 46%），但信貸風險管理的持續加強部分抵消了這一影響。

As a percentage of originations, our provision for credit losses declined to 0.69% from 0.94% in the same quarter last year, demonstrating Cash AI's ongoing ability to leverage insights and performance data from the greater than 136 million unique extra cash transactions originated to date.

作為發起額的百分比，我們的信貸損失準備金從去年同期的 0.94% 下降到 0.69%，這表明 Cash AI 能夠持續利用迄今為止發起的超過 1.36 億筆獨特額外現金交易的洞察力和績效數據。

We believe this proprietary training data set paired with Cash AI has allowed us to build a moat and flywheel for our business. With more training data, we're better able to identify and segment good risk, thereby maximizing approval and offer amounts for our members that are differentiated from competitors.

我們相信，這套專有訓練資料集與 Cash AI 結合，使我們能夠為我們的業務建立護城河和飛輪。有了更多的訓練數據，我們能夠更好地識別和細分好的風險，從而最大限度地提高我們與競爭對手不同的會員的批准和報價金額。

On a sequential basis, our provision for credit losses improved 36% due to the favorable repayment trends we experienced in the first quarter as a result of tax refund season. We observed higher tax refunds per member in Q1 relative to Q1 of last year, which was a driver of lower charge-offs and stronger recoveries than we anticipated.

與上一季相比，由於退稅季節的到來，我們在第一季經歷了良好的還款趨勢，因此我們的信貸損失準備金提高了 36%。我們觀察到，今年第一季每位會員的退稅額比去年第一季增加，這是導致沖銷額低於預期、回收率高於預期的因素。

Going forward, we anticipate provision for credit losses as a percentage of originations will trend upward over the remainder of the year. This expectation primarily reflects the normalization coming out of tax refund season.

展望未來，我們預期今年剩餘時間內信貸損失準備金佔貸款發放額的百分比將呈現上升趨勢。這一預期主要反映了退稅季節的正常化。

As Jason referenced, we are leveraging cache AI as part of our plan to strategically manage performance in order to achieve the greatest amount of variable profit dollars, which is consistent with the variable margin expectations I set a moment ago.

正如 Jason 所提到的，我們正在利用快取 AI 作為我們計劃的一部分，以策略性地管理效能，從而實現最大的可變利潤，這與我剛才設定的可變利潤預期一致。

We expect provision expense as a percentage of originations to reach its high point in Q3, since that quarter ends on a Tuesday, which is typically the intra-week peak for receivables balances. Processing and servicing costs decrease 8% year over year to $7.1 million, driven primarily by efficiencies gained from two significant vendor contracts renegotiated last year.

我們預計撥備支出佔發起金額的百分比將在第三季度達到最高點，因為該季度在周二結束，而這通常是應收帳款餘額的周內峰值。加工和服務成本年減 8% 至 710 萬美元，主要由於去年重新談判的兩份重要供應商合約所帶來的效率提高。

We also benefited from the scale economies inherent in most of our processing vendor contracts. As a percentage of extra cash origination volume, these costs improved to 0.5% from 0.7% in Q1 of last year advertising and marketing expenses increased 13% year over year to $10.3 million. As a reminder, we typically moderate our spend in Q1, which is historically the softest quarter for marketing efficiency, given that tax refunds reduce liquidity needs within the market.

我們也受益於大多數加工供應商合約所固有的規模經濟。作為額外現金發放量的百分比，這些成本從去年第一季的 0.7% 改善到 0.5%，廣告和行銷費用年增 13% 至 1,030 萬美元。提醒一下，我們通常會在第一季減少支出，因為退稅減少了市場內的流動性需求，所以從歷史上看，第一季是行銷效率最低的一個季度。

We expect to opportunistically expand marketing investment over the remainder of the year with a moderate step up in spend during the summer months to capitalize on the higher levels of demand for extra cash during that period.

我們預計在今年剩餘時間內適度增加行銷投資，並在夏季適度增加支出，以利用該時期對額外現金的更高需求。

Compensation related expenses increased 12% year over year to $27.5 million primarily driven by stock-based compensation tied to performance-based restricted stock units and payroll taxes triggered by the vesting of these awards during the quarter.

薪酬相關費用年增 12% 至 2,750 萬美元，主要原因是與基於績效的限制性股票單位掛鉤的股票薪酬以及本季度這些獎勵歸屬所觸發的工資稅。

Looking ahead, we expect stock-based compensation to normalize toward levels seen prior to Q3 of 2024. Excluding stock-based compensation as a percentage of revenue fell to 19% from 25% a year ago, highlighting the inherent operating leverage provided by our technology platform and scalable cost structure.

展望未來，我們預計股票薪酬將恢復至 2024 年第三季之前的水平。不包括股票薪酬的收入百分比從一年前的 25% 下降到 19%，突顯了我們的技術平台和可擴展成本結構所提供的固有營運槓桿。

In terms of growth related investments, we remain committed to delivering profitability while also increasing member acquisition spend and pursuing disciplined investments in product development and data capabilities throughout the year.

在與成長相關的投資方面，我們將繼續致力於實現盈利，同時增加會員獲取支出，並全年對產品開發和數據能力進行嚴格的投資。

DA net income declined to $28.8 million from $34.2 million in Q1 of last year due to the $33 million dollar non-recurring gain from the discounted convertible note repurchase during the first quarter of 2024. Our year-to-date effective tax rate was approximately 15%, and we estimate our 2025 annual effective tax rate to range between 21% and 23%.

由於 2024 年第一季折扣可轉換票據回購產生了 3,300 萬美元的非經常性收益，DA 淨收入從去年第一季的 3,420 萬美元下降至 2,880 萬美元。我們今年迄今的有效稅率約為 15%，我們預計 2025 年年度有效稅率將在 21% 至 23% 之間。

Adjusted net income, excluding non-recurring items, stock-based compensation, and non-cash liabilities increased nearly 350% to $36.3 million from $8.1 million in the year ago period. Similarly, adjusted EBITDA reached $44.2 million, more than tripling the $13.2 million generated in Q1 of last year, driven by our revenue growth, variable margin expansion, and operating leverage, with flow through from revenue growth to EPA growth of more than 90%.

調整後淨收入（不包括非經常性項目、股票薪酬和非現金負債）從去年同期的 810 萬美元增長近 350% 至 3,630 萬美元。同樣，調整後的 EBITDA 達到 4,420 萬美元，是去年第一季 1,320 萬美元的三倍多，這得益於我們的營收成長、可變利潤率擴大和經營槓桿，營收成長對 EPA 成長的傳導超過 90%。

Now turning to the balance sheet. Our overall liquidity remains strong. As of quarter end, we had approximately $89.7 million of cash and cash equivalents, marketable securities, investments, and restricted cash compared to 91.9 million as of the end of 2024.

現在轉向資產負債表。我們的整體流動性依然強勁。截至季末，我們擁有約 8,970 萬美元的現金和現金等價物、有價證券、投資和受限現金，而截至 2024 年底則為 9,190 萬美元。

This decrease was primarily driven by two factors. First, we invested over $20 million of cash to reduce our share count through share repurchases and the RSU net settlement transaction we discussed on our last call.

這種下降主要是由兩個因素造成的。首先，我們投資了超過 2000 萬美元的現金，透過股票回購和上次電話會議上討論過的 RSU 淨結算交易來減少我們的股票數量。

Second, net receivables grew by roughly $19 million quarter over quarter, which we chose to self-fund with existing cash because we believe it represents an attractive use of capital at this time. As a whole, we invested upwards of $40 million of balance sheet cash in these two areas, while total cash equivalent investments was down just over $2 million versus prior quarter end.

其次，淨應收帳款季增了約 1,900 萬美元，我們選擇以現有現金自行籌措資金，因為我們認為這代表了目前一種有吸引力的資本使用方式。總體而言，我們在這兩個領域投資了超過 4,000 萬美元的資產負債表現金，而總現金等價投資與上一季末相比下降了 200 多萬美元。

I bring this up to highlight the significant amount of free cash flow that we're generating and our high conversion of earnings to free cash flow. Additionally, as of quarter end, we had approximately $100 million of borrowing capacity under our credit facility, resulting from our decision to use balance sheet cash to fund portfolio growth over the past several years.

我提出這一點是為了強調我們正在產生的大量自由現金流以及我們將收益轉化為自由現金流的高額轉換率。此外，截至季度末，我們的信貸額度下擁有約 1 億美元的借貸能力，這是因為我們決定在過去幾年中使用資產負債表現金來資助投資組合成長。

We have the ongoing ability to tap this source of capital, providing us with additional flexibility to pursue capital allocation opportunities such as M&A and capital return to drive value creation.

我們有持續利用此資本來源的能力，為我們提供額外的靈活性，以尋求併購和資本回報等資本配置機會，從而推動價值創造。

On the topic of capital return, in March, our board of directors authorized a $50 million share repurchase program, reflecting our confidence in the company's financial strength, long-term growth trajectory, and expanding free cash flow profile.

在資本回報方面，三月份，我們的董事會批准了一項 5000 萬美元的股票回購計劃，這反映了我們對公司財務實力、長期成長軌跡和不斷擴大的自由現金流狀況的信心。

We view this program as a strategic capital allocation tool and a compelling way to drive shareholder value. We began executing against this program in March, repurchasing approximately $7 million of common stock. Looking ahead, we intend to be opportunistic and execute repurchases when returns are attractive, and they represent the most efficient use of our excess cash.

我們將該計劃視為一種策略資本配置工具和一種推動股東價值的有效方式。我們從三月開始執行該計劃，回購了約 700 萬美元的普通股。展望未來，我們打算把握機會，在回報具有吸引力時進行回購，這是對我們過剩現金的最有效利用。

Finally, turning to guidance for the full year of 2025, we're raising our revenue outlook to a range of $460 million to $475 million representing 33% to 37% growth year over year and a $42.5 million dollar increase at the midpoint compared to our prior guidance.

最後，談到 2025 年全年的指引，我們將營收預期上調至 4.6 億美元至 4.75 億美元，年增 33% 至 37%，與我們先前的指引相比，中間值增加了 4,250 萬美元。

We're also raising our adjusted EBITDA guidance to $155million to $165 million reflecting approximately 79% to 91% growth versus 2024 and a $45 million dollar increase from our previous outlook. In closing, our strong momentum and positive results underscore the essential role we play in our members' financial lives.

我們也將調整後的 EBITDA 預期上調至 1.55 億美元至 1.65 億美元，較 2024 年成長約 79% 至 91%，比我們先前的預測增加 4,500 萬美元。最後，我們強勁的勢頭和積極的成果凸顯了我們在會員財務生活中所扮演的重要角色。

We remain confident in our strategy, encouraged by the demand for our products, and energized by the opportunities ahead. We look forward to continue to deliver meaningful value to both our members and shareholders throughout 2025 and beyond. With that We can now open up the line for questions, thank you.

我們對我們的策略充滿信心，對我們產品的需求感到鼓舞，並為未來的機會注入活力。我們期待在 2025 年及以後繼續為我們的會員和股東提供有意義的價值。這樣，我們現在就可以開始回答問題了，謝謝。

We will now begin the question-and-answer session. (Operator Instructions) Our first question comes from Devin Ryan with Citizens. Please go ahead.

我們現在開始問答環節。（操作員指示）我們的第一個問題來自公民的 Devin Ryan。請繼續。

Hey Jason, hey Kyle, good morning. How are you?

嘿，傑森，嘿，凱爾，早安。你好嗎？

Hey, good morning, Devin. How are you?

嘿，早上好，德文。你好嗎？

Hey Devin.

嘿，德文。

How are you doing great. Yeah, really impressive results here. I want to start with a two part question on extra cash. You said 12.4 members today it's more than doubled over the past three years, heard the positive outlook on member acquisition, but just, as we think about kind of where this product specifically is going, can you give us an update on.

你好嗎？很好。是的，結果確實令人印象深刻。我想先問一個關於額外現金的兩部分問題。您說今天有 12.4 名會員，這是過去三年的兩倍多，聽說會員獲取前景樂觀，但是，當我們考慮這個產品的具體發展方向時，您能否向我們提供最新消息。

Your thoughts of where you are on market share of people that are likely or would potentially consider a product like extra cash and then you know I'm not sure if there's a good way to frame this but on average, is the advances go up in size, is there a point where that will lead to fewer advances per member, so you know you kind of hit a tipping point there where maybe becomes a drag. I don't know, but I'm just curious on both of those things.

您認為自己在可能或潛在考慮額外現金等產品的市場份額中處於什麼位置，然後您知道，我不確定是否有一個好的方式來構建這個概念，但平均而言，預付款的數額是否會增加，是否存在一個臨界點，這將導致每個成員的預付款減少，所以您知道您已經達到了一個臨界點，這可能會成為一種拖累。我不知道，但我只是對這兩件事感到好奇。

So on the first question I'd say we're at 2.5 million MTMs at this point. We feel the TAM is still massive of that half of America, roughly 150 million people that could use a product like extra cash and or our free checking account, so we feel like there's just still a lot of room to run and there's another impressive quarter of acquiring over half a million new members at a very efficientAC.

因此，關於第一個問題，我想說我們目前的 MTM 數量為 250 萬。我們認為，對於美國那一半人來說，TAM 仍然很大，大約有 1.5 億人可以使用額外現金或免費支票帳戶等產品，因此我們覺得還有很大的發展空間，而且我們還有一個令人印象深刻的季度，即在非常高效的 AC 下獲得超過 50 萬名新會員。

On the advanced origination size going up per member, it wouldn't reduce the amount of advances that people would take because effectively it's still due on your next paycheck date. And so all we're doing is, I think with the increase, giving people more flexibility of how they can utilize extra cash, they can use it more for things like rent or for larger purchases versus our previous limits were lower, so tend to only be used for gas and groceries.

隨著每位會員的預付款發起規模增加，它不會減少人們所獲得的預付款金額，因為實際上它仍然會在您下次發薪日到期。因此，我認為我們所做的就是，隨著限額的增加，人們可以更靈活地使用額外的現金，他們可以將其更多地用於租金或大額購買，而以前的限額較低，因此往往只用於汽油和雜貨。

As far as where we go from here, we do believe our members aspire for more duration on extra cash and so that's where sort of new products could enter the market for us, which we're excited to talk about at future quarters.

至於我們下一步的發展方向，我們確實相信我們的會員渴望獲得更長的額外現金，因此我們的新產品可以進入市場，我們很高興在未來幾季談論這個問題。

Yeah, okay, got it. Thanks, Jason, really helpful, and then a follow up here just on kind of the theme of deepening relationships with members obviously new products would be one way, but you saw, nice growth in Dave card.

嗯，好的，明白了。謝謝，傑森，這真的很有幫助，然後這裡的後續內容只是關於深化與會員的關係的主題，顯然新產品是一種方式，但你看到了，戴夫卡的增長很好。

Can you just talk about some of the things you were doing on that front to kind of drive more engagement, whether it's things you're experimenting with on the cross sell or or just even how we should think about what's coming here in the in the coming quarters so it feels like there's still a fair amount of do and there's some good momentum there. Thanks.

您能否談談您在這方面所做的一些事情，以推動更多的參與，無論是您在交叉銷售方面進行的實驗，還是我們應該如何看待未來幾個季度將要發生的事情，所以感覺還有相當多的事情要做，而且有一些良好的勢頭。謝謝。

Yeah, look, I'd say there's still a lot of upside in that product because we're not doing a lot of historically not a lot of product development around.

是的，看，我想說該產品仍然有很多優勢，因為從歷史上看，我們並沒有做太多的產品開發。

The the bank, there's not been a lot of new features introduced there. The real growth here is just sort of an organic extension of how much synergy there is between extra cash and the Dave card, where it's faster and cheaper to access credit using our own card, but we do plan to spend more resources on that product to find new ways to drive further across attach and ultimately more direct deposit.

對銀行來說，還沒有推出很多新功能。這裡真正的成長只是額外現金和 Dave 卡之間的協同作用的有機延伸，使用我們自己的卡獲取信用更快、更便宜，但我們確實計劃在該產品上投入更多資源，以找到新的方式進一步推動附加服務，並最終實現更多的直接存款。

Got it. Okay.

知道了。好的。

Really appreciate it guys and congrats on the great quarter.

非常感謝大家，並祝賀本季取得如此出色的成績。

Thanks a lot.

多謝。

And the next question comes from Joseph Vafi with Canaccord. Please go ahead.

下一個問題來自 Canaccord 的 Joseph Vafi。請繼續。

Hey guys, good morning. Terrific results. Congrats. . Is there any, have you, I mean, I know it's a little early on the new price structure and I know that 11. Does have a tax, season, effect to it. You see any correlation between the new price structure and credit performance is, the new price structure, have any effect on that you can see and then a quick follow up after that.

大家好，早安。非常好的結果。恭喜。。有嗎，有嗎，我的意思是，我知道新的價格結構有點早，我知道 11。確實受到稅收、季節的影響。您將看到新的價格結構和信貸表現之間的任何關聯，新的價格結構對此有任何影響，您可以看到，然後進行快速跟進。

Thanks for joining Joe. This is Kyle. To answer the question about the relationship between credit performance and our new pricing model, we just haven't seen any changes there in terms of like something like adverse selection or anything like that that might occur.

感謝喬的加入。這是凱爾。為了回答有關信用表現與我們的新定價模型之間的關係的問題，我們只是沒有看到任何可能發生的變化，例如逆向選擇或類似的事情。

It's been all positive. I think as we've mentioned, our conversion rates are up for new customers and existing customers have adapted to the new pricing structure as well and we're seeing no negative impact. It's all been upside from a customer orientation standpoint, and I think the upside on the size for origination as well as the average revenue per origination speaks to the business benefits.

一切都是正面的。我認為正如我們所提到的，我們的新客戶轉換率有所上升，現有客戶也已經適應了新的定價結構，我們沒有看到任何負面影響。從客戶導向的角度來看，這一切都是有利的，我認為發起規模以及每次發起的平均收入的上升說明了業務利益。

So credit performance in Q1 hit an all-time low and you know we're feeling really good about managing credit performance from here.

因此，第一季的信貸表現跌至歷史最低點，您知道我們對從現在開始管理信貸表現感到非常滿意。

That's great. That's great feedback. And then, I mean, the guide looks, great, and, an impressive, increase there. If we kind of double click on that, a little bit more, should we assume Or is the guy assuming, further RR poo increases or are you really just, holding the line on the run rate on the newer guide and then I guess, any kind of changes to MTM growth that, we should be thinking about moving forward. Thanks a lot.

那太棒了。這是非常好的回饋。然後，我的意思是，該指南看起來很棒，並且令人印象深刻地增加。如果我們對此進行雙擊，再多一點，我們應該假設還是假設 RR 進一步增加，或者你真的只是在新指南上保持運行率，然後我猜，任何對 MTM 增長的改變，我們都應該考慮向前邁進。多謝。

Certainly we would expect to continue to grow MTMs throughout the year. I think naturally we'll get some benefit on the ARPU side just by virtue of having a full quarters benefit and Q2 onward on the new pricing structure, so that should support some RPU expansion from here as well. But you know we're going to continue to focus on the other RPU levers at our disposal, namely kind of continuing to pull good risk.

當然，我們預計全年 MTM 將繼續成長。我認為，憑藉整個季度的收益以及第二季度及以後的新定價結構，我們自然會在 ARPU 方面獲得一些好處，因此這也應該支持從現在開始的一些 RPU 擴展。但您知道，我們將繼續關注我們可以使用的其他 RPU 槓桿，即繼續承擔良好的風險。

Up the limit spectrum by increasing offer amounts and that should drive, overall, monetization higher as well. So I'd say, both on the MTMs and Rpoo side feeling like there's opportunities to continue to kind of pull levers on both those dimensions.

透過增加報價金額來提高限制範圍，這也應該會推動整體貨幣化水準的提高。所以我想說，MTM 和 Rpoo 雙方都感覺有機會繼續在這兩個方面發揮槓桿作用。

Sure, that's great. Congrats guys, really good results.

當然，那太好了。恭喜大家，成績真的很好。

Thank you so much.

太感謝了。

And the next question comes from Hal Gotesh with B. Riley. Please go ahead.

下一個問題來自 B. Riley 的 Hal Gotesh。請繼續。

Hey, good morning, guys. Terrific results. Thank you very much on that. You mentioned that, a re-engagement of many former customers that are coming back.

嘿，大家早安。非常好的結果。非常感謝您。您提到，許多老顧客又回來了。

I imagine you always have a few, are you seeing like, an acceleration of that? And then, wanted to get your thoughts on, these average, extra cash origination sizes are. Getting larger, year over year. And, are you engaging maybe a different kind of customer now, that maybe has higher W-2 income, or is it just that the cache AI is just granting through repeat borrowing, people have, promoted themselves to higher amounts if they wish to take them. What are your thoughts on those couple of items? Thanks.

我想您總是會有一些，您是否看到了這種加速？然後，想聽聽您對這些平均額外現金發放規模的看法。規模逐年擴大。而且，您現在是否正在吸引不同類型的客戶，他們可能擁有更高的 W-2 收入，或者只是透過重複借貸來授予快取 AI，如果人們願意的話，他們已經將自己提升到更高的金額。您對這幾件物品有何看法？謝謝。

So I, I'd say no changes on the reactivation of customers. I mean, we're doing a great job there per usual, but nothing out of the ordinary I would say, Hal, sort of business as usual.

所以我認為重新啟動客戶不會有任何變化。我的意思是，我們一如既往地做得很好，但我想說，沒有什麼不尋常的，哈爾，一切照常。

As far as the origination amounts going up, I think it's a combo of we have a significant amount of our base as repeat customers and so the longer time on book, we will increase limits there. But I'd say we are doing a better job of offering better credit for new customers as well and that's also supported by the new fee structure allowing us to have larger limits for customers given the durability of the new monetization. So I'd say it's a combination of those things.

至於起源金額的增加，我認為這是我們擁有大量回頭客的原因，因此帳面時間越長，我們就會提高那裡的限額。但我想說，我們在為新客戶提供更好的信貸方面也做得更好，而且新的收費結構也支持了這一點，考慮到新貨幣化的持久性，我們可以為客戶提供更大的限額。所以我認為這是這些因素的結合。

I'd say lastly I touched on this a little bit in the script, but yeah, we just think our credit class of how short duration, how fast the repayment cycles are just puts us in a different category than a longer duration lender. So with macro uncertainties out there, some of traditional lenders would pull back on credit and this is actually a great environment for us, so we think it's a good opportunity to keep growing.

我想說，最後我在腳本中稍微提到了這一點，但是是的，我們只是認為我們的信用等級有多短，還款週期有多快，使我們與長期貸款人處於不同的類別。因此，由於宏觀不確定性的存在，一些傳統貸款機構會減少信貸，這對我們來說實際上是一個很好的環境，所以我們認為這是一個保持成長的好機會。

Do you think if your AI, model allows for slightly higher, initial first time advances to people, the user experience goes up. It's like imagine if you only granted someone 30 or 40 bucks, you're like, what did that didn't do me a whole lot. Oh yeah, I got 120, that's a whole different matter. That really helped me out. I mean, and that was worth it. Is that part of it? You get, yeah, there.

您是否認為，如果您的 AI 模型允許人們首次獲得稍高一點的初始進步，使用者體驗就會提高。想像一下，如果你只給某人 30 或 40 美元，你會想，這對我沒什麼幫助。哦，是的，我得了 120 分，這是完全不同的事情。這確實幫助了我。我的意思是，這是值得的。這是其中的一部分嗎？是的，你明白了。

There's absolutely correlation between better first time limit and better first time conversion.

更好的首次限制和更好的首次轉換之間絕對存在相關性。

Excellent. Okay, excellent. That makes intuitively makes sense, right? You got more bang, you know.

出色的。好的，非常好。從直覺上來說這是有道理的，對吧？你知道，你得到的更多。

Yeah, I mean that's why the increased limits is such a business and customer win win right as we move people up the limit curve even for first time customers, just the value proposition increases we obviously as a business benefit from that incremental monetization and so yeah it's just it's just a win win and that's where I feel like, I made some remarks about this and in the script as well where we just built this.

是的，我的意思是，這就是為什麼增加限額對企業和客戶來說是一種雙贏，因為我們將人們的限額曲線向上移動，即使是第一次購買的客戶，價值主張也會增加，我們顯然作為企業受益於這種增量貨幣化，所以是的，這只是一個雙贏，這就是我的感受，我對此發表了一些評論，在我們剛剛構建的腳本中也是如此。

Positive flywheel for the business as we continue to improve on credit performance and have more training data because we can just offer more differentiated amounts which is just a better value proposition for our customers so you're definitely seeing the benefits of that play out.

隨著我們繼續改善信貸業績並擁有更多的訓練數據，這對業務來說是積極的飛輪，因為我們可以提供更多差異化的金額，這對我們的客戶來說是一個更好的價值主張，所以你肯定會看到它帶來的好處。

Yeah, last one on the, on coastal, op opportunity to do a little bit longer duration. You mentioned that on the Q4 call is are those products really a 2026 event or can we see the first, maybe roll out of those in later in the year?

是的，這是最後一次在沿海地區延長行動時間的機會。您在第四季電話會議上提到，這些產品真的是在 2026 年推出的嗎？還是我們能在今年稍後看到第一批產品，或者推出它們？

I don't think you'll hear us talk about results until next year.

我認為直到明年你才會聽到我們談論結果。

Okay, right, terrific guys, thanks very much.

好的，太棒了，非常感謝。

There you go.

就這樣。

And the next question comes from Jacob Steven with Lake Street Capital Markets. Please go ahead.

下一個問題來自 Lake Street Capital Markets 的 Jacob Steven。請繼續。

Hey guys, appreciate you taking the questions and I'll echo the congratulations on the great quarter. I just wanted to touch on the customer acquisition cost, up $2 sequentially, maybe you could kind of highlight, what are you doing differently, why the increase, and, how is it different from before?

嘿，大家好，感謝你們回答問題，我也對本季的出色表現表示祝賀。我只是想談談客戶獲取成本，環比上漲了 2 美元，也許您可以強調一下，您做了哪些不同的事情，為什麼增加，以及與以前有何不同？

But, Jacob, good to hear from you. We are very focused on channel optimization and continue to drive our channels based on just LTV. And so if you look at our cap LTV, our ratios are have never been better from that perspective as LTV has been increasing through business performance and the new fee structure.

但是，雅各布，很高興收到你的來信。我們非常注重通路優化，並繼續僅基於 LTV 推動我們的通路發展。因此，如果您看一下我們的 LTV 上限，從這個角度來看，我們的比率從未如此好過，因為 LTV 一直在透過業務績效和新的費用結構而增加。

So as we just again continue to focus on LTV optimization on channels, we're not as focused on driving the lowest ca it's whatever is driving the best returns. And so we still view the $18 attack in the quarter to be incredibly efficient in light of how well the company is doing.

因此，當我們再次繼續關注通路的 LTV 優化時，我們並不專注於推動最低的 ca，而是專注於推動最佳回報。因此，考慮到公司目前的良好表現，我們仍然認為本季 18 美元的攻擊非常有效。

Yeah, and maybe you could just kind of touch on what some of those channels are that you're actually seeing a better return on.

是的，也許您可以談談哪些管道實際上能帶來更好的回報。

Nothing really to share there, although anything to point to a little bit more spending towards iOS devices versus Android seeing some better conversion and have some value there.

沒有什麼真正值得分享的，儘管有一些東西表明在 iOS 設備上的支出比在 Android 設備上的支出稍微多一些，從而看到了更好的轉換率並具有一定的價值。

At a little higher.

稍微高一點。

Okay interesting maybe last one for me then, the day of credit product, I know you guys have talked about that in the past, maybe any update on that you expect, kind of a later launch this year or, maybe that's pushed out until 26.

好的，有趣的是，這對我來說可能是最後一個，即信貸產品日，我知道你們過去曾談論過這個問題，也許您期望對此有任何更新，可能是今年晚些時候推出，或者可能推遲到 26 日。

I'd say we're still targeting friends and family for later this year and we'll hopefully talk about some results starting next year.

我想說，我們今年稍後仍將目標鎖定在朋友和家人身上，並希望從明年開始談論一些結果。

Okay, got it. Appreciate the questions good luck.

好的，明白了。感謝您的提問，祝您好運。

Thanks so much.

非常感謝。

The next question comes from Jeff Cantwell with Seaport Research. Please go.

下一個問題來自 Seaport Research 的 Jeff Cantwell。請走吧。

Thank you. First of all, congrats on the results. Can you maybe drill down a little more about it, yeah, on the Dave card, what do you see from customers right now on that front looks like you see greater engagement.

謝謝。首先，恭喜你所取得的成績。您能否更深入地了解一下，是的，在 Dave 卡上，您現在從客戶那裡看到什麼，看起來您看到了更高的參與度。

On that product, spend volumes were up there by 24% a year every year to $488 million. So there's a lot of traction. How are you thinking about that over the balance of the year? Maybe just on a related note, our approves now 171, that was up 29%. Do you mind just walk us through the puts and takes there as far as growth as you think about. Balancing driving new member acquisition, against also this ongoing deepening engagement that we're seeing and so forth. So thanks very much.

該產品的消費額每年增長 24%，達到 4.88 億美元。因此，它具有很大的吸引力。您對於今年剩下的時間有什麼看法？也許只是在相關說明中，我們的批准現在有 171 個，增加了 29%。您介意向我們簡單介紹一下您所考慮的成長前景嗎？在推動新會員獲取和我們正在看到的持續深化參與之間取得平衡。非常感謝。

Yes, sorry, the first question was around Dave Carden and what exactly?

是的，抱歉，第一個問題是關於 Dave Carden 的，具體是什麼？

I'm just trying to get a sense of, what you're seeing in terms of traction and how you're thinking about that going forward over the balance of the year in terms of growth.

我只是想了解一下，就牽引力而言，您看到了什麼，以及您如何看待今年剩餘時間的成長。

Yeah, as I mentioned at the first question, we are seeing this really nice organic synergy between extra cash and the Dave card.

是的，正如我在第一個問題中提到的，我們看到額外現金和戴夫卡之間產生了非常好的有機協同作用。

We're not really doing a lot there historically on incentives to drive that adoption other than the fact it's faster and cheaper to access extra cash with the Dave card.

從歷史上看，除了使用 Dave 卡獲取額外現金更快、更便宜之外，我們並沒有採取太多激勵措施來推動這種採用。

But we are testing some ideas right now around rewards that drive further incentives as we do have increased margin with the new fee structure and so excited to see how we can. Play around with the further incentives to get more adoption there and ultimately direct deposit, but as you pointed out, nice growth, nearly $500 million of cards spend and it's so excited about that product opportunity.

但是，我們現在正在測試一些有關獎勵的想法，以推動進一步的激勵，因為新的費用結構確實增加了利潤，我們很高興看到我們如何做到這一點。利用進一步的激勵措施來獲得更多的採用並最終實現直接存款，但正如您所指出的，增長良好，信用卡消費額接近 5 億美元，而且對這一產品機會感到非常興奮。

Got it. And maybe can you just give us your thoughts on ARPU as well. That was 171. I was up 29%. You might just walk us through the put and takes there, you're thinking about the remainder of the year. Thanks.

知道了。您能否也告訴我們您對 ARPU 的看法？那是171。我上漲了29%。您可能只是帶我們了解那裡的情況，您正在考慮今年剩餘的時間。謝謝。

Yeah, look, I'd say that's largely driven by the new fee structure. I mean, we're seeing tremendous results there. I mean, it's a more durable monetization than our previous model of instant transfer fees and tips, especially as customers stay longer on book.

是的，我認為這主要是由新的費用結構所推動的。我的意思是，我們在那裡看到了巨大的成果。我的意思是，與我們先前的即時轉帳費和小費模式相比，這是一種更持久的貨幣化方式，特別是當客戶在書上停留的時間更長時。

We had not an insignificant amount of customers that were no longer tipping and no longer using the instant transfer feature and therefore moving people to the mandatory fee structure just gives us a lot more ability to forecast the business and It's really showing its teeth in the higher ARPU growth, and as Kyle pointed out, we only had the new fee model rolled out for 60% of the base and so Q2 will be our first quarter of 100% roll out on the fee. So we should expect to see further RO expansion, but it's all fee related.

我們有相當多的顧客不再給小費，也不再使用即時轉帳功能，因此將他們轉移到強制性收費結構只會讓我們更有能力預測業務，而且它在更高的 ARPU 增長中確實顯示了其威力，正如 Kyle 指出的那樣，我們只針對 60% 的基數推出了新的收費模式，因此第二季度將是我們 100% 推出我們 100% 推出的第一個季度。因此，我們應該期待看到 RO 進一步擴張，但這都與費用有關。

Yeah, no, I just add to that, as we continue to, TRY and drive further adoption of the of the Dave card among the base, that's another lever for our poo expansion and then, outside of that, the other levers that I talked about, which is continued sort of optimization of the Cash AI to move people up the limit spectrum to higher average origination sizes.

是的，不，我只是補充一點，隨著我們繼續嘗試並推動戴夫卡在基礎用戶中的進一步採用，這是我們擴展的另一個槓桿，除此之外，我談到的其他槓桿，即繼續優化現金人工智慧，將人們的極限範圍提升到更高的平均發起規模。

Also a tailwind and a lever for our poo expansion and we're feeling good about our ability to continue to, make improvements there, especially in light of the new fee model as Jason alluded to. The great thing about the new structure is that we're fully incentivized from a monetization standpoint to take incremental risk by moving people up the limit curve because we're getting paid for that for those incremental risk dollars. So, it's again kind of a nice alignment of the business and customer need and relationship.

這也是我們擴張的順風和槓桿，我們對自己繼續改進的能力感到滿意，特別是考慮到 Jason 提到的新費用模式。新結構的優點在於，從貨幣化的角度來看，我們完全有動力透過提高人們的極限曲線來承擔增量風險，因為我們會因為這些增量風險美元而獲得報酬。因此，這再次體現了業務與客戶需求和關係的良好結合。

Got it. Great. Thanks very much. Got some results.

知道了。偉大的。非常感謝。得到了一些成果。

Thank you.

謝謝。

The next question comes from Gary Prestopio with Barrington. Please go ahead.

下一個問題來自 Barrington 的 Gary Prestopio。請繼續。

Good morning, Jason Kyle. How are you guys doing?

早安，傑森凱爾。你們還好嗎？

Doing well. How are you?

做得很好。你好嗎？

Oh, just great, thanks. Hey. Couple of questions here first of all. You, Jason, you did mention something about repeat users of the product and I think you're allowed to. Extra cash originations per month, is that correct or am I wrong there?

噢，太好了，謝謝。嘿。首先這裡有幾個問題。傑森，你確實提到了一些有關產品重複用戶的事情，我認為你可以這樣做。每月額外現金發放，這是正確的還是我錯了？

That's correct.

沒錯。

Well, I guess just to like clarify. Gary, it could be higher if you're on a weekly pay cycle, so it really is, aligned to the pay cycle, most people do get paid every two weeks, but we do have, segment of the base who gets paid weekly and so they would be able to use extra cash more than twice.

好吧，我只是想澄清一下。加里，如果你的工資是按週發放的，那麼這個數字可能會更高，所以這確實與工資週期一致，大多數人每兩週領一次工資，但我們確實有一部分基層員工是按週領取工資的，所以他們可以使用兩次以上的額外現金。

Okay.

好的。

What I'm getting at here is, with your 2.5 million. Monthly transacting members, is it, I'm trying to get an idea of like say the lifetime value of the account and all that. How many of those people that are on there, do multiple transactions on extra cash and the Dave card and have really done multiple transactions over a six month period I guess what I'm getting at is that.

我在這裡要說的是，你有 250 萬。每月交易的會員，是嗎，我想了解帳戶的終身價值等等。有多少人在那裡，用額外的現金和戴夫卡進行多次交易，並且在六個月內真正進行了多次交易，我想我要問的是這個。

Are you seeing in your at least the majority of your monthly transaction member bases maybe using your product as more or less their bank, a standard bank product versus, using a traditional brick and mortar bank.

您是否發現，至少在您每月交易的大多數會員群體中，可能會將您的產品或多或少用作他們的銀行產品、標準銀行產品，而不是使用傳統的實體銀行。

I would say we talk about our direct deposit penetration like the true customers that would think of data as our primary account still, sub 10%, but. If you think about the customers that are taking extra cash a couple of times per month, they're spending it on their gas and groceries, we, we're winning a good amount of their sort of essential spending and that's think a big win and a good side of us taking more market share away from the larger banks. Okay.

我想說，我們談論的是直接存款滲透率，就像真正的客戶會將數據視為我們的主要帳戶一樣，仍然低於 10%。如果您想想那些每個月都會額外提取現金幾次的客戶，他們會把這些現金花在汽油和食品雜貨上，而我們則從他們的基本支出中贏得了很大一部分，我認為這是一個巨大的勝利，也是我們從大型銀行手中奪取更多市場份額的一個好處。好的。

And then just to add maybe a little bit of color there Gary in terms of the repeat usage and the type of engagement that we see amongst the base. Call it between 97%and 98% of dollar value originations go to repeat customers in any given month or quarter, and that number continues to go up and up as we make improvements to retention and the overall base continues this season, and so amongst that kind of 97 to 98%, many of those customers or the median have transacted with Dave.

然後，加里，就我們在基礎中看到的重複使用情況和參與類型而言，也許可以添加一點色彩。可以說，在任何給定的月份或季度中，97% 到 98% 的美元價值起源都流向了回頭客，而且隨著我們提高保留率並且本季度整體基數繼續保持，這個數字還會不斷上升，因此在 97% 到 98% 之間，許多客戶或中位數都與戴夫進行了交易。

On extra cash, 20 to 30 times and so it's just a strong sort of repeat usage and I'd say rarely significant type of relationship that we have with these customers and we're seeing them all the time so you know has us feeling really good about, sort of the proximity that we have to these users and our ability to kind of cross all them things over time just based on the nature of the relationship. Okay.

額外現金的話，我們會重複使用 20 到 30 次，所以這只是一種強烈的重複使用，我想說我們與這些客戶之間很少有這種重要的關係，我們一直在見到他們，所以你知道，我們感覺非常好，我們與這些用戶的接近程度，以及我們能夠根據關係的性質隨著時間的推移跨越所有這些事情的能力。好的。

That's helpful and then just on your guidance in terms of what you've given here are are you contemplating some increased expenditures for product development adding people anything of that nature? As we go forward throughout the year.

這很有幫助，那麼就您在這裡給出的指導而言，您是否考慮增加一些產品開發支出，增加人員之類的支出？隨著我們全年不斷前進。

Yes, as I mentioned in my remarks, we are going to be making some very disciplined investments in product development and data capabilities throughout the year.

是的，正如我在演講中提到的，我們將全年在產品開發和數據能力方面進行一些非常嚴格的投資。

I mean, these are not, large numbers, I think, we, but we are continuing to add capabilities on those teams, to support, strategy and key initiatives, additionally, we do plan to ramp marketing spend, over the subsequent quarters. Which if you look at Q1 over Q1 of last year I think is a good indication of where marketing should fall on a relative basis year over year.

我的意思是，我認為這些數字並不大，但我們將繼續增強這些團隊的能力，以支持策略和關鍵舉措，此外，我們確實計劃在接下來的幾個季度增加行銷支出。如果您將第一季與去年第一季進行比較，我認為這可以很好地表明行銷在同比基礎上應該處於什麼位置。

Okay, thank you very much.

好的，非常感謝。

This concludes our question-and-answer session. The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

我們的問答環節到此結束。會議現已結束。感謝您參加今天的演講。您現在可以斷開連線。